New York Manufacturing Business Optimism Hits Highest Level in a Decade

Maybe the recovery will be v-shaped.

A measure of business activity in New York state released Monday indicated the economy was no longer in sharp contraction, defying economists’ forecasts for a third consecutive month of deterioration.

The New York Fed’s Empire State Manufacturing Survey showed its general condition index rose a sharp 48 points to negative 0.2 in June. Readings that close to zero indicate steady business conditions.

Economists had expected the index to rise from negative 48.5 to around negative  30, a level which would indicate a shrinking economy.